SANDBOXAQ·Quantum + AI enterprise software — Large Quantitative Models (physics-grounded AI), post-quantum cryptography, and quantum sensing/navigation (multi-product, not full-stack hardware)Pre-IPO · Private

SandboxAQ

ConvictionWeak

B2B/B2G enterprise SaaS + licensed software and government R&D contracts; LQM simulation (life sciences, materials, finance), AQtive Guard PQC management subscription, and AQNav quantum-navigation systems sold to defense/aerospace and CHIPS-funded materials discovery.

Revenue

~$17.8M ARRFY2024 secondary est., getlatka; up from ~$10.6M FY2023) — official figure not disclosed

Rev growth

~+68% FY23→FY24secondary est.); FY25/FY26 not disclosed

Gross margin

not disclosed

Op margin

not disclosedbelieved deeply loss-making — pre-scale, R&D-heavy

Capex intensity

not disclosedasset-light software model — compute is cloud-rented (Google Cloud, NVIDIA), not owned fabs/QPUs

Valuation

~$5.75BSeries E, Apr-2025; prior round ~$5.6B Dec-2024

Valuation trail

~$5.2B (market-implied)1.3× since Feb 2023

4 marks · Feb 2023–Jun 2026

private — no public price

Priced round Secondary / SPAC mark

Company rarely discloses post-money officially; Feb-2023 (~$4B) is a PitchBook estimate and the Apr-2025 Series E (~$5.75B) is secondary-reported (Forge cites $5.78B), not company-confirmed. The 2026 ~$5.2B is a Forge/market-implied secondary mark, not a priced round.

The read

Where our coverage leans

Coverage leans bullish

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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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